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The Lanturn Blog

Carefully curated and thoughtfully written content for businesses of any size.

ACCOUNTING

AI Generation: Can Humans and Artificial Intelligence Coexist?

February 2022

Veli Kattoulas

AI (Artificial Intelligence) has become a reality; it is no longer a concept without any tangible proof. Its existence has helped us as a society live a simpler life – like using the virtual personal assistant embedded on your phone. AI has not only impacted our lives personally but changing the way we do business in all industries, such as the following:

 

Finance and Banking

 

Artificial Intelligence in this sector encompasses chatbots, fraud detection, and task automation. This will streamline business processes and offer customers access to their bank accounts and financial advice through robo advisors 24/7, ensuring better customer experience and satisfaction.  

 

One banking institution that has successfully leveraged AI is JPMorgan, a US-based finance and banking company. With AI, the company has been able to mitigate the risk of fraud, provide customized services and product recommendations, and respond to customers’ queries through chatbots/virtual assistants more quickly. This can replace the old experience of waiting for a representative on the phone line, improving customer service and operational efficiency.


Advertising

 

AI is becoming synonymous with the concept of automation, meaning that business processes can be executed automatically without any human intervention, minimising the possibility of human errors and increasing efficiency. This makes it ideal for manufacturing and assembly processes. However, as time goes on, Artificial Intelligence is has become more sophisticated.

 

A case in point is the 2017’s ISBA, an annual conference for the British advertising trader body, where the first AI creative director was introduced. The Artificial Intelligence competed with a human creative director to produce a commercial, then presented it to 200 executives. As it turned out, the AI creative director was preferred by the executives. Perhaps, this is why Coca-Cola is entertaining the idea of using AI bots to create their ads.


Healthcare

 

The presence of Artificial Intelligence and machine learning has allowed doctors to save time in treatment planning. By feeding the learning algorithms numerous data sets from different patients and diseases, AI can analyze and advise on the best course of action for new patients. By doing so, doctors would not need to spend hours developing the right treatment plan. One healthcare company that has leveraged this technology is Varian, a pioneer in providing cancer care and solutions. 

 

The Issue with AI

But implementing Artificial Intelligence also comes with challenges, like a small talent pool of available experts, and the hesitancy of employees to work alongside it – fearing that Artificial Intelligence will replace them.

Their fear is not without reason; research conducted by PwC found that 30% of jobs in the UK, 38% in the US, 35% in Germany, and 21% in Japan are in danger of being replaced by automation. Therefore, addressing these concerns is crucial to guaranteeing a coexistence of humans and Artificial Intelligence in the office.

However, the use of AI cannot replace several sectors that need a ‘human touch,’ such as doctors and nurses in healthcare. Artificial Intelligence has not yet been able to form ‘connections’ with humans, sharing the same values and empathy.

The lack of human values may lead to AI facilitating unlawful acts such as wars between nations leveraging autonomous robots. Therefore, having regulations on artificial intelligence ethics is essential. One example was when Elon Musk and 116 AI experts urged the United Nations to ban AI in weapons.

Like any other technological advancements, the benefits of artificial intelligence can be boon to the human race. But, the usage of AI must not lead to a global employment crisis. It is also essential that AI and machines live alongside and benefit each other in the years to come.


With or without AI, let Lanturn handle your accounting, compliance, reporting, payroll and tax.

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